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Cyber Crime Threats, Strategies to Overcome, and Future Trends in the Banking Industry

Cyber Crime Threats, Strategies to Overcome, and Future Trends in the Banking Industry

Atul Bamrara
Copyright: © 2021 |Pages: 13
ISBN13: 9781799834731|ISBN10: 1799834735|EISBN13: 9781799834748
DOI: 10.4018/978-1-7998-3473-1.ch086
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MLA

Bamrara, Atul. "Cyber Crime Threats, Strategies to Overcome, and Future Trends in the Banking Industry." Encyclopedia of Organizational Knowledge, Administration, and Technology, edited by Mehdi Khosrow-Pour D.B.A., IGI Global, 2021, pp. 1261-1273. https://doi.org/10.4018/978-1-7998-3473-1.ch086

APA

Bamrara, A. (2021). Cyber Crime Threats, Strategies to Overcome, and Future Trends in the Banking Industry. In M. Khosrow-Pour D.B.A. (Ed.), Encyclopedia of Organizational Knowledge, Administration, and Technology (pp. 1261-1273). IGI Global. https://doi.org/10.4018/978-1-7998-3473-1.ch086

Chicago

Bamrara, Atul. "Cyber Crime Threats, Strategies to Overcome, and Future Trends in the Banking Industry." In Encyclopedia of Organizational Knowledge, Administration, and Technology, edited by Mehdi Khosrow-Pour D.B.A., 1261-1273. Hershey, PA: IGI Global, 2021. https://doi.org/10.4018/978-1-7998-3473-1.ch086

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Abstract

Electronic banking, with its inherent advantages for the banking industry as well as the customer, is an area with tremendous growth potential. This field has also seen a corresponding increase in network security breaches, data thefts/loss, identity thefts and other white-collar crimes resulting in huge losses to the banking industry as well as the banking clientele. Losses by the banking industry worldwide due to white- collar crimes are in billions of dollars and far outstrip conventional methods of bank robbery. The unprecedented speed at which net banking has evolved, the ubiquitous and global nature of open networks and the increasing reliance on information technology have all added up to provide an environment of enhanced security challenges. Amendments in the IT act, banking regulations and the coming explosion in WAP are issues that need to be taken into account by the industry.

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